Bulls extend rally as 'positive' indicators boost investors' confidence
Business
During the early morning trade, the KSE-100 index reached 90,055 points, an increase of 1,109 points
KARACHI (Dunya News) – Bulls extended their rally in the Pakistan Stock Exchange (PSX) on Friday as the KSE-100 climbed over 90,000 mark.
During the early morning trade, the KSE-100 index reached 90,055 points after an increase of 1,109 points.
However, at around 10:20 am, the index fell to 857.97 points to 89,803.95 points.
It may be noted that the KSE-100 index crossed the 88,000 mark for the first time in history after increasing by 1,751 points on Thursday.
According to analysts, “positive” indications have encouraged investors to return to the market. Their confidence soared after news of ‘encouraging response’ from China over debt rollover and expectations of $1 billion fund Pakistan sought from the International Monetary Fund (IMF) facility that helps low and middle income countries mitigate climate risk.
There are also indications that the State Bank of Pakistan (SBP) would reduce its policy rate by 200 basis points in its upcoming meeting on November 4 as hinted by the finance minister.
In addition, the approval of a $3 billion loan facility from the Islamic Trade Financing Corporation (ITFC) for commodity financing boosted the confidence of investors.
